Price, fresh off a course-record 60 in Friday's opening round at Newport Beach Country Club, held onto the lead with a 68 Saturday, which was good enough for a 36-hole record of 14-under 128.
He bested the old mark of 129 set in 2003 by Rodger Davis and matched by Jay Haas in 2007.
Mark Wiebe carded a 6-under 65 to climb within two strokes of the lead at minus-12.
Sharing third place at 10-under 132 were Joe Ozaki (64) and Mark O'Meara (67).
2014: The Year in Music [PHOTOS]